The Federal Government has attacked the Australian Labor Party’s (ALP) announcement of a six-point strategy underlying the superannuation policy it will take to the next federal election.
The ALP’s position was outlined by Federal Opposition Leader Kim Beazley at the Conference of Major Superannuation Funds being held on the Gold Coast this week.
However, the six key elements Beazley said would form the foundation of the ALP’s policy did not enlarge significantly on those already announced by the ALP – the automatic consolidation of superannuation accounts, the institution of retirement income forecasts and payroll payment facilitation.
The Opposition leader did concede that the ALP would be retaining the Government’s co-contribution and contribution splitting arrangements.
The Assistant Treasurer, Peter Dutton, described the ALP’s policy prescription as being a “reheating” of ideas previously announced by former Federal Opposition Leader Mark Latham.
“Rather than generating new ideas, Labor has dug up Mark Latham’s old election policy announcements and repackaged them with the standard Kim Beazley waffle,” Dutton claimed. “It’s nothing but a reheated announcement from a reheated Labor leader.”
The Assistant Treasurer claimed the major planks of the ALP’s policy prescription would be costly to implement and in a number of instances were already being addressed by the Federal Government.
Despite the Government’s attack on the Labor policy pronouncement, the strategy was welcomed by the Investment and Financial Services Association, with chief executive Richard Gilbert particularly supportive of Labor’s commitment to the co-contribution regime and contribution splitting.
He said Beazley’s announcement represented a firm statement that financial security in retirement was a priority, and that Labor acknowledged sound policy principles were necessary as Australia faced its demographic date with destiny.
